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INDIA'S SCI TO ACQUIRE 10 NEW STATE-OF-ART SHIPS FOR US$600 MLN.

AsiaPulse News

| October 01, 2007 | COPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MUMBAI, Oct 1 Asia Pulse - As a part of its tonnage acquisition and expansion plans, Shipping Corporation of India Ltd (SCI) (BSE:523598)has placed orders for ten new ships worth a total of US$600 million, a top company official said.

"With a view to augment our fleet capacity, SCI has placed orders for ten new ships at a total capital expenditure of US$600 million to be incurred in stages till the delivery of vessels between FY 08 to FY 10," SCI's chairman, S Hajara, told shareholders at the company's 57th annual general meeting here.

"The company has placed further orders for six more newbuilding tankers in August 2007. With this the company has an extremely healthy orderbook position with eighteen ships on order - including VLCCs ordered in FY 06," Hajara ...

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